“Every square kilometre to get fully developed needs around $800m to $1bn in terms of industrial base development and everything else. Our first phase has been around 50 square kilometres, including the port, and we’re talking almost around $17 to $18bn,” he added.

Mr Chaturvedi was speaking at the signing of a collaboration agreement between Kizad and Abu Dhabi National Oil Company (Adnoc) to develop a polymers park within the industrial free zone, adjacent to the $7bn Khalifa Port. The agreement, which follows Adnoc’s announcement last year of a downstream strategy, including plans to double refining and and triple chemicals capacities, will see the development of the park to diversify options for export of products, the state oil company’s downstream director Abdulaziz Abdulla Alhajri told The National on the sidelines of the event. Borouge, the UAE’s largest chemicals company, which is 60 per cent owned by Adnoc will also be part of the development of the polymers park, which is expected to be completed by 2025.

The park, which is expected to attract $1.5bn in investment over the next five years will use the facilities of the adjacent Khalifa Port and Cosco Terminal, launched last year, to reach export markets.